Dividing Partnership Net Income

Required:

Steve Jack and Chelsy Dane formed a partnership, dividing income as follows:

1. Annual salary allowance to Jack of $176,130.
2. Interest of 7% on each partner's capital balance on January 1.
3. Any remaining net income divided to Jack and Dane, 1:2.

Jack and Dane had $54,000 and $93,000, respectively, in their January 1 capital balances. Net income for the year was $309,000. How much is distributed to Jack and Dane?

Note: Compute partnership share. Jack: $ Dane: $